What Does It Mean To Be Growth Ready?
All businesses want to grow, that is the primary aim of businesses of all sizes, be it a large corporation or a small firm. The Ansoff Matrix potentially charts out all possible strategies that an organization can adopt to grow. However, there are a large number of examples where the best of growth strategies fail.
Research shows that most businesses start small and stay small. So, what is the reason that these businesses don’t grow? It is definitely not the lack of intention or willingness or capability. The reason why businesses don’t grow is because they are not growth ready. They are not ready to take on measures and strategies that can help them grow. Thus, if you were to simplify it, it is the lack of capacity to grow that hinders businesses from advancing.
This brings us to an important question; how can this capacity be built to ensure that growth measures lead to adequate results? For answering this it is important to understand what growth readiness means.
At Falak we view growth readiness as a combination of four elements; strategic, structural, people and financial readiness. These are explained further in the below diagram:
It is only after these necessary elements are managed that an organization, irrespective of its size can deem itself ready for growth. The cornerstone of success thus, depends on a deep understanding both the organization internally and the environment externally, within which the organization operates.
Taking a research-based approach which leads to discovery and then design of an appropriate growth strategy is then, the only way forward.
At Falak we have had the opportunity to work with some very large corporations in the region and the world to carefully assess their growth readiness and design implementable growth strategies as well strategic roadmaps. Based on the above factors, we can help organizations become ready to expand and grow. Through our strategy, organization design and transactions practices we have the capability to address each element in each factor depending on the requirements of the organization in question.